PDA 34.2 Safety Retirement Benefit Formulas

PDA 34.2 Safety Retirement Benefit Formulas

34.2 Safety Retirement Benefit Formulas
(1) For those safety employees hired prior to July 10, 2011 who are in the safety plan:
The County implemented the 3% @ 50 retirement benefit consistent with Government Code section 31664.1 effective January 1, 2005 for employees in Plans 1, 2 or 4.

The enhancement applies to all future safety service and all safety service back to the date of employment pursuant to the Board of Supervisors’ authority under to Government Code section 31678.2 (a). Government Code section 31678.2(b) authorizes the collection, from employees, of all or part of the contributions by a member or employer or both, that would have been required if section 31664.1 had been in effect during the time period specified in the resolution adopting section 31664.1, and that the time period specified in the resolution will be all future and past safety service back to the date of employment. Employees will share in the cost of the enhanced retirement benefits as follows: a contribution of an additional 3.5% total compensation earnable as defined in SamCERA regulation.

This additional contribution will not be reduced by any employer pick-up.

These cost sharing contributions will not be reduced for employees with 30-years of service.

(2) For employees in the safety retirement system hired on or after July 10, 2011 and before January 1, 2013:
All new employees hired or rehired on or after July 10, 2011 and before January 1, 2013, the retirement benefit options shall be:

Plan 6: 2% @ 50 safety retirement benefit consistent with Government Code section 31664. Those safety employees electing Plan 6 will not pay the contributions set forth in paragraph (c) below.
a. Any new employee failing to make an election within 60 days from date of hire shall be deemed to have elected Plan 6 with the 2% @ 50 safety retirement benefit consistent with Government Code section 31664.
b. All elections are permanent decisions and shall be irrevocable after 60 days from the date of hire. Any employee who has elected, or is deemed to have elected, a benefit plan and who terminates his or her employment and is later reemployed shall not be entitled to change his or her election upon that reemployment.
c. For all safety members in Plan 5 with benefits under Government Code section 31664.2 which are applicable to all safety service back to the date of employment pursuant to the Board of Supervisors’ authority under Government Code section 31678.2(a), section 31678.2(b) authorizes the collection, from employees, of all or part of the contributions by a member or employer or both, that would have been required if section 31664.2 had been in effect during the time period specified in the resolution adopting 31664.2, and that the time period specified in the resolution will be all future and past safety service back to the date of employment. These employees will share in the cost of such retirement benefits by contributing an additional 3.5% total of compensation earnable as defined in SamCERA regulations.

 This additional contribution will not be reduced by any employer pick-up.
 These cost sharing contributions will not be reduced for employees with 30-years of service.
(3) For employees in the safety retirement system hired on or after January 1, 2013:
Employees hired on or after January 1, 2013 who are placed in Plan 7 (2.7% @ 57) by SamCERA are not subject to the provisions in section 34.2(2).

Employees hired on or after January 1, 2013 who are placed in Plan 5 or Plan 6 by SamCERA will be subject to the applicable provisions of section 34.2(2).